Final stages of mortgage - what next?

fitzparker

Hi all, hoping to get a few questions answered that seem to keep getting missed by bank or solicitor. We are wondering on the next steps in process.

So we have exchanged contracts. What next? How long between now and closing. Is there anything we need to do or is it all in solicitors hands now?

We have life insurance and home insurance ready but need to give a start date, do we guess this to be about 2 weeks away? Or wait for solicitor to give us an exact move in date?

Do the bank need the 2 above to draw down?

When draw down happens does mortgage come out exactly a month later or do you agree with bank when it starts?

Just nervous it will get dragged out so we want everything ready to draw down as soon as.

Thanks in advance

busylady

You need to ask your solicitor what closing date has been agreed. Have the vendors signed the contracts and sent a copy back to your solicitor ? Normally a closing date would be agreed at this stage.

The bank will need your life and home insurance in place before they will issue the loan funds. Repayment dates differ depending on the bank , but its normally the month following drawdown.

fret_wimp2

You really need to talk to your bank and solicitor. Your situation will be specific to you and you have resources there to answer your specific questions.

What happens after drawdown can vary from to bank. For us, we pay interest the 1st month and full payments after that, but it was different for friends with a different bank. Call your bank. Ask them what you need to know.thats what they are there for. Ask questions until there is no ambiguity .

Same with the solicitor. It's the solicitors job to keep you informed and make the process go as smooth as possible. You're paying them specifically to do this. Ring them, ask them as many questions as you need.

fitzparker

thanks for the help all, iv followed your advise and on the right road now.. fingers crossed